FREDDIE MAC: Fixed Mortgage Rates Inch Up Slightly

FREDDIE MAC: Fixed Mortgage Rates Inch Up Slightly

 Freddie Mac (OTCQB: FMCC) on Thursday, Dec. 19, 2013 released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates rising slightly from last week following positive news for housing starts and building permits.

"Mortgage rates rose slightly leading up to the Federal Reserve's policy announcement," said Frank Nothaft, vice president and chief economist of Freddie Mac.  "The statement indicated that the central bank would begin to trim its bond buying program. The Fed noted that the economy expanded at a modest pace, but the unemployment rate remains elevated. In addition, housing starts [PDF] in November rose to a seasonally adjusted annual rate of 1,091,000, the highest rate since February 2008. Permits were at a seasonally adjusted annual rate of 1,007,000 in November, 7.9 percent higher than in November 2012."

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.47 percent with an average 0.7 point for the week ending December 19, 2013, up from last week when it averaged 4.42 percent. A year ago at this time, the 30-year FRM averaged 3.37 percent. 

  • 15-year FRM this week averaged 3.51 percent with an average 0.6 point, up from last week when it averaged 3.43 percent. A year ago at this time, the 15-year FRM averaged 2.65 percent. 

  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week with an average 0.4 point, up from last week when it averaged 2.94 percent. A year ago, the 5-year ARM averaged 2.71 percent.

  • 1-year Treasury-indexed ARM averaged 2.57 percent this week with an average 0.5 point, up from last week when it averaged 2.51 percent. At this time last year, the 1-year ARM averaged 2.52 percent. 

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.


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